SportsMap Tech Acquisition Corp. (NASDAQ:SMAP) announced this morning that its shareholders approved its business combination with intelligent thermal imaging provider Infrared Cameras Holdings (ICI) during a special meeting on December 8.
A total of 3,829,673 shares of the common stock, representing approximately 73.86% of the issued and outstanding shares, were present at the meeting, constituting a quorum. The combination was approved with holders of 3,802,380 shares voting in favor of the deal, while holders of 27,293 shares voted against it.
In connection with the vote, 1,521,011 of the 1,634,944 public shares of SMAP’s common stock were redeemed.
Earlier this month, SportsMap agreed to sell $6.8 million in convertible notes to various investors, with the closing of these notes contingent upon the completion of its combination. Some of these notes replaced existing SportsMap notes, while others provided new cash proceeds to the company.
Key company figures, including CEO David Gow and director Steven Webster, participated in this financing by converting their existing notes rather than cash repayment. The notes will mature three years after closing and can be converted into shares at $10.00 each.
The parties have not yet disclosed a timeline for the closing of their combination. But upon completion, the combined company is expected to trade on the Nasdaq.
SportsMap Tech inked its $100 million deal with ICI in December 2022. Beaumont, Texas-based Infrared Cameras Holdings develops and manufactures infrared-sensor systems, offering handheld and fixed hardware.
All other proposals presented on the ballot were approved by shareholders with minimal pushback.
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